By James A. Loyola
The Commission on Audit (COA) has given the Securities and Exchange Commission an “unqualified opinion,” as the SEC tries to uphold transparency, accountability and efficiency in the use of valuable taxpayers’ money.
COA audited the Commission’s finances in accordance with the International Standards of Supreme Audit Institutions (ISSAIs), developed by the International Organisation of Supreme Audit Institutions for public sector auditing.
Under the ISSAIs, auditors issue an unqualified or unmodified opinion when they conclude that financial statements, as a whole, are free from material misstatements, which could arise from either fraud or error.
“In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Securities and Exchange Commission as at December 31, 2018,” State Auditor Concepcion C. Reyes noted in an independent auditor’s report.
This covers the SEC’s financial performance, cash flows, changes in net assets/equity, comparison of budget and actual amounts for the year then ended, and notes to the financial statements, including a summary of significant policies in accordance with the Philippine Public Sector Accounting Standards.
This is the latest unqualified opinion issued by COA to the Commission since 2013 after a series of modified or qualified opinion from 2014 to 2017.
“The Commission takes pride in the unqualified opinion rendered by COA. We take the results of the independent audit as testament to our transparent, sound and prudent financial management as well as to our commitment to curtail graft and corruption,” SEC Chairperson Emilio B. Aquino said.
He added that, “we will continue to improve our processes not only through technology and other innovations but also through high standards of integrity, professionalism and accountability,” said Aquino.
“Keeping the agency free from graft and corruption is high on our agenda for a greater and bolder SEC that could better serve as gateway to Philippine business,” said Aquino.